The Leeds Building Society has announced that its chief executive officer Peter Hill will retire in February 2019.

Subject to regulatory approval, Hill will hand over to Richard Fearon, who is currently the Society’s chief commercial officer.

The news came as the mutual posted its results for the past year.

New residential mortgage lending totalled £1.8bn, down from £2.1bn in the previous year.

It reported profit before tax for the six months to June 2018 of £60.1m (£63.2m to June 2017), after a one-off charge of £6.9m resulting from the decision to dispose of its Irish mortgages.

Hill said: “Our strategy to deliver sustainable growth and service improvements is focused on the long term benefits to all our members, whether borrowers or savers.

“We believe our success in attracting thousands more members is testament to this approach. In a competitive market and uncertain economic climate, they see the value in our products, services and our status as a member-owned business which is here for them for life.”

Leeds Building Society chairman, Robin Ashton, said: “Peter has provided outstanding vision and leadership over the past seven years, during which time the Society’s total assets and profits have more than doubled.

“I would like to thank Peter for his huge contribution to our success and wish him well for the next stage in his life.

“Richard has been chief commercial officer for two and half years. He was recruited with succession in mind and has proved to be an extremely able executive director.

“I know Richard will lead the business and our colleagues to future success, particularly as we continue to develop a Society capable of thriving in the digital age.”